Avid Bioservices Inc (CDMO)

[Fire Fox]

C..J.-- For me, the two most significant changes between Cowen and Roth slides were:

1. In Slide #3 Roth added "PS Imaging" as a new category under "Significant Partnership Opportunities." That wasn't there in the same Cowen slide. I believe they are telling us that they expect the Imaging program to be the subject of a separate partnership agreement and not lumped into a Bavi therapeutics license. That is good news.

2. As you noted, Slide #11 now indicates that the 2nd Line Phase III will be a "Multi-National" trial. I'm glad to see this new emphasis. It supports the notion that the first Bavi therapeutic license may be to an Asian partner who would run the Asian portion of the global 2nd line NSCLC trial, and probably start a separate Asian Ph III liver trial concurrently.